The term ____ describes assets that can be quickly converted into cash or consumed in one year or less.
A. expenses
B. overhead costs
C. current assets
D. acid-test assets
E. fixed assets
Answer: C
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Calvin Corp was organized on January 1 to operate a taxi service. For each of the following business activities, please indicate whether it is a financing (F), investing (I) or operating (O) activity. A. Issued shares of stock to each of the five
owners. B. Purchased five automobiles to use as taxis. C. Paid the first month's rent for a garage. D. Obtained a loan from the bank. E. Received cash from a customer for a 10-mile taxi ride. F. Paid the drivers wages for the first week. G. Purchased a fueling station to install at the garage (includes a 500 gallon tank). H. Declared and paid cash dividends to the owners after the first month's operations. I. Paid cash to repair the brakes on one of the taxis. J. Bought land for a future taxi office.
The statement of cash flows would disclose the purchase of a building for cash
A) nowhere on the statement. B) in the operating activities section. C) in the investing activities section. D) in the financing activities section.
A corporation's obligation to voluntarily provide shareholders with financial information
a. depends on whether the company is publicly or privately held. b. depends on the requirements of the Model Business Corporation Act. c. is extensive and is carefully regulated by the SEC if the company is privately held. d. depends on the ruling of the board of directors.
Note that there is an overlap between the T/F and multiple-choice questions, as some of the T/F statements are used in multiple-choice questions. Multiple Choice: True/False Starting to invest early for retirement increases the benefits of compound interest.
Answer the following statement true (T) or false (F)